The company is undergoing changes in its management
According to sources from the Nashville Post , Gibson, the iconic guitar and acoustic guitar manufacturer, is facing possible bankruptcy.
The newspaper reports that the problem began with the departure of finance director Bill Lawrence, who left the company with $375 million in debt and $145 million in loans. Now, Gibson has a new director, Benson Woo, who will try to pay off the debts and keep the company afloat.
Furthermore, the company is experiencing difficulties within the industry itself, which, according to president Henry Juszkiewicz, is suffering from low sales of musical instruments.
Gibson has some of the most iconic guitar models ever released, such as the Les Paul, Flying V, and SG, and is a favorite of countless musicians like Jimmy Page, Slash, and Carlos Santana.